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BUSINESS
August 3, 2013 | By Andrea Chang
The Boston Globe has been sold to Red Sox owner John Henry for $70 million in cash, a fraction of the $1.1 billion paid for it by the New York Times Co. in 1993. The low price underscores the continued troubles plaguing the newspaper publishing industry as advertisers spend less on print and readers turn to free online content. This is the first foray into newspapers for Henry, known as a soft-spoken, shy businessman who made his fortune through his hedge fund. Besides the Red Sox, his sports empire includes the New England Sports Network, Liverpool Soccer Club and Roush Fenway Racing, according to the Globe . "The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” Henry, 63, said in a statement.
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BUSINESS
December 27, 2006 | From Bloomberg News
New York Times Co. had its credit rating cut to BBB-plus from A-minus by Standard & Poor's, which cited challenging business conditions and debt from capital spending projects. The new rating is S&P's third-lowest investment-grade level, and the outlook for the company's debt is negative, the ratings company said. New York Times is building a new headquarters in Times Square, consolidating printing operations and reducing the width of its flagship newspaper.
BUSINESS
January 9, 2004 | From Reuters
A 22-year-old California man pleaded guilty to hacking into New York Times Co.'s computer network and entering a database containing personal information about opinion-editorial page contributors. Adrian Lamo, who turned himself in to federal authorities in Sacramento in September, pleaded guilty to one count of computer damage causing more than $5,000 in losses to the New York Times.
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